Pension & Benefits NetNews – October 6, 2020

NetNews Subscription

Want to receive these Newsletters via E-mail?

hr.cch.com Resources

About Links in this Newsletter

To access the IntelliConnect™ full text documents you must be a subscriber to the Pension Plan Guide or Employment Benefits Management.

Links within news stories display full text documents including legislation, regulations,
court decisions, rulings and government reports.

The first time you click on a link you will be taken to the IntelliConnect login page, where you will need to enter your ID and password. Subsequent links will take you directly to the desired document.

IntelliConnect

If you aren’t a subscriber call 800-449-9525, or let us contact you about,

Email Us

Contact us by sending an e-mail to

Featured This Week

Employee Benefits Management News

  • Employers taking steps to support childcare needs of working parents, survey finds
  • Nationwide approach to paid leave is needed, comment letters say
  • Most Americans plan on spending more time reviewing benefits due to COVID-19, Voya survey finds
  • IRS final regulations reflect TCJA changes to entertainment and meal deductions

Pension Plan Guide News

  • DOL issues proposed regs implementing registration requirements for pooled plan providers
  • IRS clarifies miscellaneous provisions of SECURE Act and Bipartisan American Miners Act
  • PBGC seeks comments on regs concerning missing participants

Employee Benefits Management News

Employers taking steps to support childcare needs of working parents, survey finds

U.S. employers are boosting efforts to meet the childcare needs of working parents of young and school-age children, according to a survey by Willis Towers Watson. For details, see ¶2136Y.

        (Read Cheetah) »

Nationwide approach to paid leave is needed, comment letters say

The COVID-19 pandemic has highlighted the need for a uniform, nationwide approach to paid leave and has put a spotlight on the patchwork of state and local requirements that arise in the absence of a federal solution, according to a comment letter to the Department of Labor from Mercer. In July, the DOL issued a request for information on paid leave. For more information see ¶2137A.

        (Read Cheetah) »

Most Americans plan on spending more time reviewing benefits due to COVID-19, Voya survey finds

The majority of working Americans will be looking to their workplace benefits for health and wealth support due to COVID-19, especially as they prepare for open enrollment in the midst of a global pandemic. That’s according to a survey from Voya Financial, Inc. For more information, see ¶2137D.

        (Read Cheetah) »

IRS final regulations reflect TCJA changes to entertainment and meal deductions

The IRS has issued final regulations that reflect the significant changes the Tax Cuts and Jobs Act (TCJA) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations finalize, with some changes, previously released proposed regulations. For more information, see ¶2137G.

        (Read Cheetah) »

Pension Plan Guide News

DOL issues proposed regs implementing registration requirements for pooled plan providers

EBSA has issued proposed regulations that would specify the registration requirements applicable to pooled plan providers of the pooled employer plans authorized by the SECURE Act. The proposed rules would establish a new Form PR (Pooled Plan Provider Registration) as the means for complying with the registration requirements and additional supplemental and final filings. By filing Form PR with the Department of Labor, a pooled plan provider would also satisfy the requirement to register with the Treasury Department. The proposed rules would stipulate an initial registration filing and required supplemental filings for reporting changes in the information provided in the initial filing, information about each specific pooled employer plan before initiation of operations, and information on specified “reportable events.” In addition, the proposed rules would require a final filing once the last pooled employer plan has been terminated and ceased operations. All filings would be made electronically on new Form PR. For more information, see ¶20539z.

        (Read Cheetah) »

IRS clarifies miscellaneous provisions of SECURE Act and Bipartisan American Miners Act

The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of 2019. The IRS notes that the questions and answers are not intended to provide comprehensive guidance as to the specific provisions of the SECURE Act and the Miners Act it addresses, but instead is intended to provide guidance on particular issues to assist in the implementation of these provisions. The subjects covered include the small employer automatic enrollment credit, the repeal of maximum age for traditional IRA contributions, the participation of long-term, part-time employees in Code Sec. 401(k) plans, qualified birth or adoption distributions, and permitting excluded difficulty of care payments to be taken into account as compensation for purposes of determining certain retirement contribution limitations. Also addressed are issues under Code Sec. 104 of the Miners Act (reduction in minimum age for in-service distributions) and guidance on deadlines for plan amendments. For more information, see ¶17170n.

        (Read Cheetah) »

PBGC seeks comments on regs concerning missing participants

The PBGC is requesting that the Office of Management and Budget (OMB) extend approval, with modifications, of the collection of information under its regulations on missing participants. The PBGC is making modifications to require additional information about missing participants in two categories in order to properly withhold taxes when the participants are located, and their benefits are claimed and paid. For defined contribution plans that permit Roth accounts, the PBGC intends to require a breakdown of qualified and non-qualified Roth amounts transferred to the PBGC (if any), and if non-qualified Roth amounts are being transferred, the date the first Roth contribution was made. Where relevant for defined benefit and defined contribution plans, the PBGC intends to require identification of the portion of a participant’s benefit transfer amount treated as foreign-source income, and if so, for defined benefit plans, how that determination was made. Comments should be submitted by November 2, 2020. For more information, see ¶174i.

        (Read Cheetah) »

For more information, visit http://www.wolterskluwerlb.com/rbcs.